California Organized Investment Network (COIN) Is a Collaborative Effort Between the California Department of Insurance, the Insurance Industry, Community Affordable Housing and Economic Development Organizations, and Community Advocates.

The Investigation Division investigates suspected fraud committed by insurance agents, brokers, public adjusters, bail agents, insurance companies and other individuals and entities transacting the business of insurance who perpetrate fraud against consumers.

He was sentenced to time served after more than 700 days in jail, and placed on three years probation following his release. He was also ordered to pay more than $352,000 in restitution as well as court costs.

"My Department does not tolerate insurance agents who scam innocent policyholders, especially the elderly," said Commissioner Jones. "We will make sure they are brought to justice and not allowed to continue to prey upon seniors."

The California Department of Insurance (CDI) opened an investigation into Steffensen's insurance sales practices after receiving a consumer complaint against him in 2007. The complaint alleged that while doing business as Senior Financial Benefits, Steffensen defrauded a 75-year-old MaderaCounty resident. After selling his client an annuity, he directed the insurance company to send monthly benefits, totaling about $55,000 to his own address without the client's knowledge. He continued to receive benefits even after the client passed away in April 2003. Steffensen stole an additional $328,000 from the same MaderaCounty client when he liquidated another annuity and took the proceeds from the sale of the client's house, and illegally received an insurer payout the client had been awarded after being seriously injured in an automobile accident.

CDI revoked Steffensen's license to sell insurance in 2006. In 2009 the U.S. State Department's Diplomatic Security Service extradited him from the Philippines and delivered him to CDI investigators in Los Angeles. Steffensen has one prior misdemeanor grand theft conviction for stealing $5,000 from an elderly KingsCounty resident. CDI was not involved in that case.

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The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $257 billion in premiums annually in California. In 2014 the California Department of Insurance received more than 175,000 calls from consumers and helped recover over $54 million in claims and premiums. Please visit the Department of Insurance web site at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.HELP or 213.897.8921. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.